Government scheme could boost Bristol property market

A special scheme designed to get the best use out of government buildings in Bristol could prove to be a major boost for the city’s property market, according to Philip Morton, Head of Agency & Development at the Bristol office of leading property firm CBRE.

Launched by the Coalition Government, the Government Property Unit (GPU) is one of the first of its kind in the country and has been set up to make best use of properties used by civil servants and agencies in the city.

Francis Maude, Minister for the Cabinet Office, recently came to the South West to see for himself the work that has been carried out by the GPU. He took a personal tour of Temple Quay House, which has been leased by the Government and will house 20 agencies, making it a hub for local and national Government not just in Bristol but also for the region.

Philip Morton said: “There has been a lot of work going on behind the scenes in the last two to three years which has resulted in the rationalisation of the Government’s local and national property portfolio in Bristol. Some former offices and centres have been sold off and there has been a centralisation of Government agencies in one location.

“Temple Quay House is a modern and flexible building and can set the template for the area and other developments that are likely to follow in its footsteps. Flexible offices offering room for lots of smaller businesses will make up a large part of the office market in years to come.”

He added: “The Government has shown a real desire to take an imaginative approach to help stimulate the property market in recent times and this move will help cement Bristol’s position as the economic and political capital of the region.”